EC238 Lecture Notes - Lecture 8: Gross National Happiness, Amartya Sen
Document Summary
All of the alternative measures offer potential contributions. However, some of the characteristics of the alternative measures rely on prices to weight their importance, but in many nonmarket circumstances those prices are difficult, but not impossible, to measure. The above measures all suggest that intrinsic values are important. The ability to measure these values with some confidence is vital, but difficult. Ecological footprint attempts to measure the amount of renewable and nonrenewable ecologically productive land area that is required to support the resource demands and to absorb the wastes of a given population or specific activities. Each unit corresponds to one acre of biologically productive space with world average productivity. This index has three major components: longevity, knowledge, and income. Includes nine core dimensions: psychological well-being, time use, community vitality, culture, health, education, environmental diversity, living standard, and governance. Amartya sen argues economic growth cannot be sensibly treated as an end in itself.
